Stock Under Rs 50: Shares of MIC Electronics Limited (MICEL) surged 10 per cent to hit the upper circuit on Wednesday after the Hyderabad-based company announced receiving an order from the Chhattisgarh government.
The small-cap stock started the session strong at Rs 36.01, extending its rally amid optimism over the India-EU FTA. The counter soared by over 9 per cent, hitting an intraday high of Rs 38.94 with trading volumes spiking over 2.23 times.
Its market capitalisation is currently Rs 938.50.
Company Receives Contract
The surge was fueled by the company securing a significant infrastructure contract worth approximately Rs 114.10 crore from the Nava Raipur Atal Nagar Vikas Pradhikaran, Government of Chhattisgarh.
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The order involves the complete lifecycle (design to O&M) of a Common Facility Centre and must be executed within 10 months.
Share Price History
The stock has delivered multibagger returns of 3472.48% in five years and 223.42 per cent in three years, despite a recent 10.73 per cent correction year-to-date. Technically, it is trading above its 5-day moving average.
Disclaimer: This is just a piece of news about the recent development in the stock market. This should not be considered as investment advice.